Company Reports

JPM 3Q20: Credit Cruising or Future Bruising?

JPMorgan tried to wow the investor/risk mgt crowd with seemingly blockbuster results. Excluding one-offs it was a yawn of a quarter. JPM overconfident that worst of pandemic impacts is over. We are a Sell on the Equity and benchmark debt. And systemic risk and counterparty rise to Medium levels. 

Industry Reports

BAC 3Q20: Merrill Good, Ole BAC Bad

Bank of America did not show the same nominal lift in capital markets trading and investment banking that the other peer trading banks did. Still, Merrrill retail held its own by growing units via customers and products. Rate pressure really harming the biggest retail deposit bank with swaps hedges rather ineffective. So back to cash securities strategies. Sell on Capital Structure (debt & equity). Regulatory/Counterparty Indicatiors stays at Medium risk. 

Topic/Theme Reports

CECL & COVID: Double Trouble, Will US Banks Boil & Bubble?

FIASI will be present its first live virtual webcast​ to kick-off the new 2020 - 2021 season. The 4-person panel will discuss: Bank Credit Danger Zone, CECL & Covid-19 Loan Pressures, How to Risk Manage. Panelists include: David Hendler of Viola Risk (Independent View), Chris Wolfe of Fitch Ratings (Rating Agencies View), John Giordano of Cantor Fitzgerald (Sell-side View), and Joseph DiCarlo of MetLife (Buy-side View). Sign up at fiasi.org for the event on Wednesday, September 30 at 6pm. Thanks!